story Bookmarks Tools Window Help 94 1 Fri1256 PM a la Sear

story Bookmarks Tools Window Help 94% .1 . Fri12:56 PM a la Search eBook Show Me How Caloulato Recording partner\'s original investment Journal Kimberly Payne and Arionna Maples decide to form a partneshio by oombining the assets of their sepaate busnesses Payne conibus e tolowing asses ote paenhp cash $24,560, accounts recevable with a face amount of $161,390 and an allowanoe for doubilul accounts of $4,400, merchandse inventory with a cos of 84.060, and equipment with a cost ot $137,580 and acoumulated depreciaion of $45,680 The partners agnee tha s.0e0 of the accounts neceivable are completely wortless and are not to be accepted by re partnership, thar $4 680 s a reasonabie alowance tor the uncolectibilny of the remaining accounts, that he menchandise inventory is to be recorded at the cument market price of $98.960, and that the equpment is to be valued at 53R.040 t partnerships eny to record Payne\'s invesment Rer tome Chat of Accounts for axact wording of account ss On December 1, joumaize the 521 Adverising Experse 116 Merchandise Inventory 117 Office Supplies 118 Store Supplies 119 Prepaid Insurance 523 Delivery Expense 524 Repairs Expense 2 more Check My Wark uses nemanng r Grading All work saved

Solution

Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-Dec Cash      24,560.00 Accounts Receivable    155,310.00 Merchandise Inventory      99,960.00 Equipment      89,040.00 Allowance for Doubtful Accounts        4,680.00 Kimberly Payne, Capital    364,190.00 (record the Paynes\' investment in Partnership)